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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
EL GOUMHOURIA CO FOR TRADING MEDICINES, CHEMICALS & MEDICAL APPLIANCES (GOMAC) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1963 |
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Com. Reg. No.: |
117073, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Distributors of reputable medical equipment and chemicals. |
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No. of Employees : |
1,400 employees |
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RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Occupying the northeast corner
of the African continent, Egypt is bisected by the highly fertile Nile valley,
where most economic activity takes place. Egypt's economy was highly
centralized during the rule of former President Gamal Abdel NASSER but opened
up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni
MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to
attract foreign investment and facilitate GDP growth. Despite the relatively
high levels of economic growth in recent years, living conditions for the
average Egyptian remained poor and contributed to public discontent. After
unrest erupted in January 2011, the Egyptian Government drastically increased
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction are among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow at least through 2012. The government is utilizing foreign exchange
reserves to support the Egyptian pound and Egypt may seek a loan from the
International Monetary Fund.
Source
: CIA
Company Name : EL GOUMHOURIA CO FOR TRADING MEDICINES, CHEMICALS &
MEDICAL APPLIANCES (GOMAC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1963
Commercial Registration Number : 117073, Cairo
Authorised Capital : £E 200,000,000
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 1,400
Activities : Distributors of reputable medical equipment and chemicals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL GOUMHOURIA CO FOR TRADING MEDICINES, CHEMICALS & MEDICAL
APPLIANCES (GOMAC)
Registered &
Physical Address
Street : 23 Sawah
Street
Area : El Amireya
Hadayek El Qobba
Town : Cairo 11887
Country : Egypt
Telephone : (20-2) 24530827
/ 22571314 / 26030458 / 22575203
Facsimile : (20-2)
22575203 / 24513074
Email : gomhoria@idsc.net.org
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 13 Mahmoud
Bassiouny Street Sales
Office
Cairo
Tel:
(20-2) 35743378
Fax:
(20-2) 35743378
· 15a Sherif Street Sales
Office
Cairo
Tel:
(20-2) 33936548
Fax:
(20-2) 33936548
· 42 Kasr El Aini
Street Sales
Office
Dar El Hekma,
Garden City
Cairo
Tel:
(20-2) 27464930
Fax:
(20-2) 27464930
· Falaky Square Sales
Office
Bab El Louk, Abdin
Cairo
Tel:
(20-2) 33547577
Fax:
(20-2) 33547577
· Cornish Street Sales
Office
Ramleh
Alexandria
Tel:
(20-3) 5333012
Fax:
(20-3) 5333012
· Safeya Zaghloul
Street Sales
Office
Ramleh
Alexandria
Tel:
(20-3) 4869952
Fax:
(20-3) 4869952
· Chamber of
Commerce Building Sales
Office
El Guish Street
Tanta
Tel:
(20-40) 3333973
Fax: (20-40)
3333973
· Ghandi El Assiuty
Building Sales
Office
Talaat
Harb Street
Assiut
Tel:
(20-86) 333726
Fax:
(20-86) 333726
· El Gomhoureya
& Abd El Moneim Riad Street Sales
Office
Port Said
Tel: (20-66)
323964 / 323966
Fax: (20-66)
323966
· Faculty of
Pharmacy Sales
Office
Kasr El Aini
Manial
Cairo
· Adib Ishaq Street Sales
Office
Ramleh
Alexandria
Tel: (20-3)
4877978 / 4848871
Fax: (20-3)
4877978 / 4848871
· 4 El Osskofia
Street Sales
Office
Mansheya
Down Town
Alexandria
Tel: (20-3) 4869952
Fax: (20-3)
4877867
· 1 Hassan Habib
Street Sales
Office
Tanta, Gharbeya
Tel: (20-40)
3303192
Fax: (20-40)
3303192
· 2 El Aokaf
Building Sales
Office
Assiut
Tel: (20-88)
2335245
Fax: (20-88)
2335245
· 56 El Gomhouria
Street Sales
Office
Mansoura
Dakahleya
Tel: (20-50)
2245357
Fax: (20-50)
2243299
· El Sadr Hospital
Building Sales
Office
Mansoura
Tel:
(20-50) 355991 / 343299
Fax:
(20-50) 345327
Name Position
· Dr Olfat Moustafa
Ghorab Chairman
· Fathy Mohamed Director
· Hassan Qorany Director
· Dr Tawfik Abu Zeid Director
· Dr Mervat Seri Appliances
Manager
· Dr Mona Joma Chemicals
Manager
· Roshdy El Sharkawy Finance
Manager
· Mahmoud Salem Public
Relations Manager
· Ahmed Mahmoud
Abdullah Administration
Manager
· Bahy Elden
Elbeblawy Purchasing
Manager
· Hoda Nasr Accounts
Manager
· Mona Gomaa Sales
Manager
· Mohamed El Gundy Maintenance
Manager
· Hala Abadin Import
Manager
· Taha Hussein Legal
Affairs Manager
· Mohamed Gharib IT
Manager
· Wafaa Zein El
Abdin Planning
Manager
· Inas El Naggar Office
Manager
Date of
Establishment : 1963
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 117073, Cairo
Authorised Capital : £E 200,000,000
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of Shareholder
(s) Percentage
· Drug Holding
Company for Pharmaceutical & Medical Appliances 100%
12 Wakeed Street
PO Box: 2078
Cairo
Tel: (20-2)
35912825 / 35935533
Fax: (20-2)
35916866 / 35907560
Activities: The company is a commercial agent and distributor of reputable
international manufacturers of medical equipment and appliances, pharmaceutical
raw materials and chemical reagents.
Subject is also engaged in the production of
hospital furniture such as beds, some dental units, chairs and lamps.
The company is ISO 9001:2000 accredited.
Import Countries: France, Germany, United Kingdom, Italy,
Switzerland, Netherlands, India, China, Japan, and the United States of America
International Suppliers:
· Siemens Germany
· Philips Germany
· Essco Lab Germany
· Eitekon United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 1,400 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
1,039,234,000 £E
1,064,521,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax: (20-2)
33924143
·
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
· Export Development
Bank of Egypt
108 Mohi El Din
Abu El Ezz Street
Mohandessin
Cairo
11111
Tel:
(20-2) 33619005 / 33385877
Fax:
(20-2) 33385940 / 33385938
No complaints regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 90
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling US Dollars US Dollars
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the business is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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UK Pound |
1 |
Rs.87.00 |
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Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.